导读：以通用为鉴，车企真正需要的其实是穿破资本泡沫、脚踏实地对待技术的态度。 （文 / 观察者网 周盛明 编辑 / 高莘） 2023年10月，美国旧金山的一辆由人类驾驶的日产汽车不慎撞到了一名行人。在撞击之下，该行人被抛 至通用自动驾驶子公司Cruise的一辆无人驾驶出租车（Robotaxi）的前方。 Cruise的Robotaxi碾压过该行人的身体。由于系统设定的程序，在撞击发生并停车后，这辆Robotaxi又开 始执行"靠边程序"——这名被卷入车底的行人不幸被Robotaxi拖行了近6米，并身受重伤。 一时间，通用和Cruise陷入风口浪尖。同年10月，加州暂停了Cruise无人自动驾驶汽车的运营许可。同 年11月，Cruise的联合创始人凯尔·沃格特（Kyle Vogt）迫于压力辞职。 在这些数字背后，其实暗藏着通用的野心——通用曾提出到2030年集团营收翻番的目标，而Cruise则被 视为重要支撑之一。 但是2023年10月的事故为高歌猛进的故事按下了暂停键。在监管压力之外，Cruise的人事层面震动不 断。2023年年底，Cruise宣布裁员约24%，涉及约900人。 2024年年底，通用宣布不再继 ...

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【6月25日曹操出行港交所上市，首日股价跌14.16%】6月25日，成立十年的曹操出行在港交所主板挂 牌，股份代号02643。全球发售4417.86万股，每股发行价41.94港元，募资净额约17.18亿港元，公司估 值约228.23亿港元。港股公开发售获21.14倍认购，国际发售获2.78倍认购，引入六家基石投资者，合计 认购约9.52亿港元。 上市当天，曹操出行股价低开低走，收盘报36港元，跌幅14.16%，反映投资者对 其盈利模式可持续性存疑。 曹操出行成立于2015年，是吉利布局"新能源汽车共享生态"业务。创立初 以自有车队和签约司机为主，强调专车体验，在新能源车定制有差异化优势。 按总交易额计算，曹操 自2021年起连续位列国内网约车前三，2024年跃居第二。截至2024年底，业务覆盖136个城市。2022 - 2024年，营收从76.31亿增至146.57亿元，净亏损收窄，订单量和客单价均上升，毛利率从 - 4.4%改善到 8.1%。 行业自2016年监管落地后走向集中化，2024年底用户规模达5.39亿人，前五大平台份额超90%。 20 ...

Core Viewpoint - The strategic partnership between Youjia Innovation and Proton Motors aims to enhance the development of greener and smarter new energy commercial vehicles, addressing industry pain points and promoting a more competitive market [2][3]. Group 1: Strategic Cooperation - Youjia Innovation and Proton Motors will share resources in industrial clusters, technological innovation, and product solutions to reshape the operational model and value chain of new energy commercial vehicles [2]. - The collaboration will focus on the development of commercial vehicle advanced driver assistance systems (AEB products, high-level assistance products), autonomous driving products (unmanned freight scenarios), and the establishment of a data closed-loop system [2][3]. - The partnership encompasses the development and iteration of L1-L4 autonomous driving technologies, as well as the data platform support required for the "intelligent" and "connected" aspects of new energy commercial vehicles [2]. Group 2: Industry Challenges and Solutions - Traditional commercial vehicle products are criticized for high energy consumption, low comfort, and weak safety, while the industry faces challenges such as labor shortages [2]. - The collaboration is expected to address these industry pain points, significantly improving the transportation comfort and safety of commercial vehicles, thus bringing more competitive products to the market [3]. - In addition to mass-producing new energy commercial vehicle products, the partners will explore unmanned freight scenarios, introducing new transportation solutions and capacity models [3]. Group 3: Future Outlook - Youjia Innovation anticipates mutual benefits, resource sharing, and joint development through this strategic cooperation, positioning itself as an "enabler of smart vehicles" [3]. - The company is open to collaborating with more industry partners to discuss future blueprints and empower the development of the Chinese automotive industry [3].

Electric Vehicle Market Trends - Tesla's FSD (Supervised) received a new exemption permit in Norway, allowing testing under less restrictive conditions than the UN Regulation No 79 [2] - The exemption is valid until June 16, 2027, suggesting a long-term testing and development plan for Tesla in Norway [2] - In the first half of 2024, over 90% of new car sales in Norway were pure electric vehicles, making it a key market for EV data collection [2] - Despite the emergence of new competitors, Tesla's Model Y remains the top searched electric SUV in China, followed by Model 3 [2] - Xiaomi SU7's search popularity has declined to fourth place, indicating initial hype may be fading [2] - Hyundai's electric vehicle production line in Ulsan, South Korea, has repeatedly suspended operations due to high inventory [3] - Hyundai and Kia's electric vehicle sales in the US fell by 28% year-over-year in the first half of the year [3] - South Korea's direct exports of Hyundai electric vehicles to the US fell by 87% year-over-year from January to May [3] Company Strategy and Challenges - Tesla is strategically navigating European regulations to facilitate the rollout of FSD [2] - Xiaomi faces challenges in scaling production, managing supply chains, and ensuring quality control in the electric vehicle market [2][3] - Hyundai is shifting production to the US to comply with local manufacturing incentives, impacting its South Korean operations [3]

很多人都知道，自动驾驶系统需融合摄像头、激光雷达、毫米波雷达等多种传感器数据，每秒产生数十万 至百万级的数据点，并进行复杂的图像识别、目标跟踪、路径规划等大容量、高速度的运算，只有高算力才能 支持更高分辨率传感器和复杂算法（如Transformer模型），提升障碍物检测精度。同时，在自动驾驶系统中， 决策模块需在毫秒级完成全局优化或强化学习算法，平衡计算精度与响应速度，无论是现阶段开启L2级辅助 驾驶还是未来的L3级、L4级自动驾驶，车辆要实现自主驾驶，也只有高算力才能支持系统应对复杂的交通场 景。例如，当汽车检测到前方有障碍物时，需要在极短的时间内计算出最佳的避让路径，这就要求算力能够支 持算法的高效运行。而在自动驾驶的执行层面，算力也起着关键作用。汽车的电子控制系统需要根据决策系统 的指令，精确地控制车辆的各个部件，如驱动、刹车、转向等，只有算力足够强大，才能保证指令的快速传 输、协同和精确执行，确保车辆的安全行驶。 算力，不仅是智能汽车的"脑力"，也被称为自动驾驶的"黄金驱动力"。 "我国算力总规模位居全球第二。"8月14日，国家发展改革委党组成员、国家数据局局长刘烈宏在国新办 举行的"高质量完成'十四 ...

智通财经APP获悉，东吴证券(国际)发布研究报告称，曹操出行(02643)作为吉利生态体系内核心的出行 服务平台，构建起"制造-运营-技术"的一体化能力，且前瞻布局Robotaxi优势明确，合理估值约342亿人 民币，给予2025年底目标价69港元。 东吴证券(国际)主要观点如下： 该研报指出，曹操出行与吉利集团的战略协同在定制车领域形成独特竞争优势，公司定制车车队规模居 行业首位，定制车通过TCO(总持有成本)优化及体验升级，支撑平台在司机留存、用户满意度等方面的 核心竞争力，成为驱动公司网约车业务持续增长的关键引擎。 公司积极布局智能出行未来赛道，2025年2月正式上线自动驾驶平台"曹操智行"，并率先在苏州、杭州 启动Robotaxi运营试点，标志着公司从传统网约车平台向L4级自动驾驶领域的战略延伸。公司正逐步构 建Robotaxi规模化运营能力，并计划推出专为L4级自动驾驶设计的定制车型，为未来智能出行市场竞争 奠定技术与场景基础。 该机构认为曹操出行作为国内共享出行的重要参与者，以差异化竞争策略实现规模性扩张，市场份额有 望持续提升;同时，公司前瞻储备Robotaxi技术、推进商业化试点，有望颠覆行业 ...

Group 1 - Baidu plans to apply for an expansion of its autonomous driving testing range to Kai Tak in Hong Kong [1] - The Transport Department stated that Baidu is currently drafting a detailed plan for testing in Kai Tak [1] - Baidu obtained a license from the Hong Kong Transport Department last November to conduct autonomous vehicle trials in the remote area of Lantau Island [1]

Core Viewpoint - Cao Cao Mobility, after ten years of operation, went public on the Hong Kong Stock Exchange, raising approximately HKD 1.718 billion, but faced skepticism regarding its sustainable profitability despite a strong market narrative in the new energy and mobility sector [1][3]. Company Overview - Founded in 2015, Cao Cao Mobility is a strategic business of Geely Holding Group focused on the "new energy vehicle sharing ecosystem" [3]. - The company has differentiated itself by emphasizing high-quality, low-carbon ride experiences with its own fleet of new energy vehicles and contracted drivers, rather than engaging in subsidy wars like competitors [3]. - By 2024, the company had expanded its operations to 136 cities, with revenue growth from CNY 7.631 billion in 2022 to CNY 14.657 billion in 2024, while reducing net losses from CNY 20.07 billion to CNY 12.46 billion over the same period [3]. Market Position - Cao Cao Mobility ranked among the top three ride-hailing platforms in China by gross transaction value (GTV) since 2021 and is projected to become the second-largest player by 2024 [3]. - The ride-hailing market in China has become highly concentrated, with the top five platforms holding over 90% market share by the end of 2024 [4]. Financial Performance - The company’s GTV from third-party aggregation platforms increased significantly, from 49.9% in 2022 to 85.4% in 2024, indicating a heavy reliance on external platforms for order volume [5]. - Cao Cao's sales and marketing expenses have seen a rise in commission payments to aggregation platforms, from 50.3% to 85.6% of total expenses, highlighting vulnerability to changes in platform commission structures [5]. - The company has incurred over CNY 5.2 billion in net losses over the past three years, with a high asset-liability ratio of 149% as of 2024 [5]. Regulatory and Compliance Issues - As of October 2024, a significant portion of Cao Cao's active vehicles and drivers lacked the necessary operating licenses, with 8.6% of vehicles and 11.1% of drivers not compliant [7]. - The company ranked eighth in compliance rates among major platforms, reflecting broader industry challenges in meeting regulatory requirements [7]. User Experience Challenges - Complaints against Cao Cao Mobility have been prevalent, with issues related to pricing transparency and service quality, indicating systemic problems within the industry [7][8]. - Driver dissatisfaction has been noted due to low earnings and the imposition of low-paying "special orders," which has led to high turnover rates among drivers [8]. Future Outlook - The company is investing in autonomous driving technology, with plans to launch a Robotaxi service by 2026, although this is not expected to provide immediate financial support [10]. - Addressing cash flow issues, reducing dependency on aggregation platforms, and improving compliance and user experience are critical for gaining investor confidence in the near term [10].

Core Viewpoint - The report from DBS highlights that the mid-term performance of Q Technology reinforces confidence in its product portfolio upgrade and focus on developing non-mobile lens modules strategy [1] Group 1: Performance Outlook - The company is expected to see improved performance in the second half of the year compared to the first half, benefiting from a richer smartphone portfolio and a recovery in the utilization rate of fingerprint recognition module production [1] - Continuous expansion of non-mobile lens modules is anticipated, driven by more automotive and IoT projects entering the production phase [1] Group 2: Growth Drivers - The automotive sector is identified as the clearest mid-term growth driver for the company, with collaborations with seven leading tier-one suppliers and certifications from 37 automotive or new energy vehicle brands [1] - Currently, only about 30% of vehicles globally are equipped with more than eight cameras for L2+ level autonomous driving capabilities, indicating significant growth potential for urban/mapless navigation autonomous driving [1] - Early participation in LiDAR technology and expansion into optical fields for robotics and drones provide additional growth opportunities [1] Group 3: Financial Projections - The company has raised its earnings forecasts for the next two years by 12% and 20% respectively, with the target price increased from HKD 12.5 to HKD 15, while maintaining a "buy" rating [1]

星展发表报告指，丘钛科技中期业绩强化该行对其产品组合升级及集中开发非手机镜头模块策略的信 心。该行预计，公司下半年业绩较上半年改善，受惠于更丰富智能手机组合、持续的指纹识别模块产能 利用率复苏，以及非手机镜头模块持续扩产，基于更多汽车及物联网项目进入生产阶段。 该行上调对公司今明两年盈利预测12%及20%，目标价由12.5港元上调至15港元，维持"买入"评级。 该行认为，汽车仍为公司最清晰中期增长动力，公司与7间领先一级供应商合作，并获37个汽车或新能 源汽车品牌认证。全球仅约三成车辆具备配备超过8个摄像头的L2+级自动驾驶能力，为城市/无地图导 航自动驾驶普及提供巨大增长空间。早期LiDAR的参与及向具身机器人/无人机光学领域的扩展提供额 外增长潜力。 ...